Rainbow Resources Inc. has provided assay results from recent drilling at its Jewel Ridge gold-silver project in Nevada. Jewel Ridge is strategically located along the prolific Battle Mountain Trend near Eureka and is contiguous with Barrick Gold's Ruby Hill Mine to the north.

Highlights:

-High-grade silver mineralization has been discovered in an argillic zone at the Hamburg Pit (601 g/t or 21.2 oz/ton between a depth of 15.2 and 18.2 metres in JR-12-04 with continuous mineralization from surface to 45.7 metres);

-The silver discovery in JR-12-04 adds significantly to the understanding of Jewel Ridge and magnifies the scale and potential economics of the overall mineralized system;

-Geological modeling of Jewel Ridge continues with Rainbow targeting a large tonnage gold system (sediment hosted deposit) and important silver values over a north-south trend of at least four kilometres where mineralization appears to be continuous along the Hamburg-Dunderberg contact.

David W. Johnston, Rainbow Resources' President, commented: "These initial drill results have exceeded our expectations and we believe there is much greater gold and silver potential with Jewel Ridge that can be proven out with additional drilling. We have valuable new information concerning the property including the discovery in JR-12-04. The geological modeling, to be completed in the coming weeks, will prioritize the best locations for upcoming Phase 2 drilling. Barrick's producing Ruby Hill gold mine is the beginning of a highly mineralized trend that runs south through Jewel Ridge and beyond. We have a strong geological and engineering team in place to lead our effort in advancing this property as efficiently and effectively as possible. We look forward to showing samples from Jewel Ridge in the Core Shack display at PDAC in Toronto in early March."

Details

Rainbow's 6-hole, 1,035-metre Phase 1 reverse circulation drill program at Jewel Ridge intersected impressive gold values for this area and also resulted in the discovery of high-grade silver mineralization with elevated lead, zinc and gold values in JR-12-04 at the Hamburg Pit, one of several past producing areas on the property.

JR-12-04 was collared a few metres to the east of historical RC hole HRC-11 drilled in 2004 by Greencastle Resources (TSX: VGN) which returned 2.1 g/t Au over 39.6 metres between 94.5 and 134.1 metres (only gold assaying was carried out for HRC-11 and the balance of Greencastle's 2004 holes). JR-12-04 was drilled parallel to HRC-11 with the best intercept between 10.6 metres and 19.7 metres as shown in the table below. Continuous silver mineralization was present from surface to 45.7 metres, averaging 45.6 g/t.

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|Drill |From (m)|To (m)|Length|Au (g/t)|Ag (g/t)|Pb (%)|Zn (%)|

|Hole | | |(m) | | | | |

|----------------------------------------------------------------|

|JR-12-04 |10.6 |19.7 |9.1 |0.66 |213.9 | |1.7% |

| | | | | | | 1.1% | |

| | | | | | | | |

|----------------------------------------------------------------|

|including|15.2 |18.2 |3.0 |1.1 |601.0 |8.8 % |4.7% |

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Wide envelopes of lower grade gold and silver mineralization were intersected in JR-12-04, JR-12-02, JR-12-05 and JR-12-06 along 170 metres of strike with additional significant higher grade intercepts as follows:

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|Drill Hole|From (m)|To (m)|Length (m)|Au (g/t)|Ag (g/t)|

|-------------------------------------------------------|

|JR-12-06 |48.5 |57.6 |9.1 |1.0 |11.4 |

|-------------------------------------------------------|

|including |50.0 |54.5 |4.5 |2.0 |20.6 |

|-------------------------------------------------------|

|JR-12-05 |59.0 |74.2 |15.2 |0.7 |10.1 |

|-------------------------------------------------------|

|including |68.2 |74.2 |6.0 |1.1 |10.8 |

|-------------------------------------------------------|

|JR-12-02 |0.0 |7.6 |7.6 |0.9 |12.7 |

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Mineralization at Jewel Ridge follows a distinctive north-south trend. Rainbow geologists collected numerous rock samples from a discontinuous margin of strongly silicified outcrop extending more than 600 metres immediately north and along strike of the mineralized contact drilled at the Hamburg Pit. Assay results from these samples are expected in the very near future. Rainbow also continues to compile and review historical Jewel Ridge drill data from south of the Hamburg Pit to the northern property boundary, an area that includes the Company's recently acquired Croesus Silver Mine and claims which are separate from the Rainbow-Greencastle March, 2012, option agreement.

Given results of Rainbow's Phase 1 drill program, other exploration work carried out at the property by the Company since the spring of last year, and an extensive review of historical data to date, it's believed Jewel Ridge holds excellent potential for hosting a large tonnage sediment hosted gold deposit and a polymetallic replacement deposit (Ag, Pb, Zn). A drill hole location map is available on the Rainbow web site, www.RainbowResourcesInc.com.

Gold Viking Property Update

Rainbow is eagerly anticipating being able to provide remaining assay results for its gold-silver discovery at Gold Viking South in the very near future.

Qualified Person

Rainbow's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Robert Morris, P.Geo., of Moose Mountain Technical Services, who serves as a qualified person under the definition of National Instrument 43-101.

Quality/Assurance Control And Assaying Procedures

Moose Mountain Technical Services follows a strict QA/QC protocol with a certified reference material (CRM), blanks and duplicate samples inserted with every 25 samples. Two CRM types were used, one as a gold reference, and as a high base metal reference. Blank samples are also certified blank material. Jewel Ridge drill hole samples referred to in this news release were assayed by ALS Chemex in Vancouver. Samples were weighed and crushed before a 250g sub-sample was split out. The sub sample was then pulverized to pass 200 mesh. Analysis for Au was conducted by fire assay and ICP analysis of a 30g pulp. Multi-element analysis was conducted by 4 acid digestion and ICP analysis of a 0.25g pulp.